Fannie Mae, which has been under congressional scrutiny for its accounting and business practices, announced in December that chairman and CEO Franklin D. Raines and CFO J. Timothy Howard had left the company. Raines retired from the Washington, D.C.-based mortgage finance powerhouse; Howard resigned. While Fannie searches for replacements, board member Stephen B. Ashley will become the non-executive chairman of the board, COO Daniel H. Mudd will serve as interim chief executive officer, and executive vice president Robert Levin will serve as interim chief financial officer.
Simpson Housing Solutions has promoted Tom Erickson to senior vice president, acquisitions, at the Long Beach, Calif.-based tax credit developer and affordable housing investor. He joined Simpson’s predecessor firm in 1994.
JPI has hired Robert McCullough as vice president and area partner for its Boston-based office, where he will manage JPI’s real estate investments. “My top priority will be to expand JPI’s presence in the Northeast region, where we plan to invest $200 million annually,” said McCullough. He previously held the job of group vice president at Archstone-Smith, where he handled a $400 million, 1,966-unit development pipeline.
Freddie Mac has appointed Paul McDermott as multifamily vice president, structured and affordable sourcing. In this newly created position, McDermott will handle increasing Freddie’s purchases of small multifamily loans, portfolios, and loans for subsidized apartment properties as well as managing Freddie’s low-income tax credit and commercial mortgage-backed securities investments. He has worked at Freddie Mac since 2002.
The Enterprise Social Investment Corp. (also known as ESIC) has promoted Charles Werhane to executive vice president and COO. He will also serve as chairman of Enterprise Mortgage Investments, a Columbia, Md.-based ESIC subsidiary that handles permanent lending for multifamily projects. Werhane came to the company in 2002 and assisted in the establishment of ESIC Realty Partners, which provides debt and equity financing to commercial and mixed-used projects in financially challenged neighborhoods. He is also president of ESIC Realty Partners.